Augustine Ventures Inc.

Augustine Ventures Inc.

January 18, 2012 16:23 ET

Augustine Ventures Private Placement Update

TORONTO, ONTARIO--(Marketwire - Jan. 18, 2012) - Further to its news release dated January 3, 2012, Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") announces that it has completed a non-brokered private placement of 1,075,000 flow through units ("Units") at the price of $0.20 per Unit in the capital of the Company for gross proceeds of $215,000 (the "Offering") on December 30, 2011, of which $20,000 of the Units were subscribed for by an officer and a director of the Company. The securities issued pursuant to the Offering are subject to a statutory four month hold period until May 1, 2012.

Each Unit is comprised of one (1) flow through share and one (1) common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one common share at an exercise price of $0.50 per common share at any time up to and including December 29, 2013. The expiry date of the Warrant may be accelerated to a date that is thirty days from the fifteenth (15th) consecutive trading day on which the shares of the Company close at or above $0.75, provided that it occurs four months and a day after the closing date, being May 1, 2012.

In connection with the Offering, the Company has paid finder's fees totalling $10,500 cash and a total of 52,500 compensation options ("Compensation Options"). Each Compensation Option entitles the holder thereof to acquire one (1) Unit at an exercise price of $0.20 per Unit at any time up to and including December 29, 2013. All finder's fees and Compensation Options were paid to parties acting at arm's length to the Company.

The proceeds raised pursuant to the Offering will be used by the Company to advance development of the Wawa Property.

The Company also wishes to clarify that an officer and a director of the Company had exercised 250,000 stock options at an exercise price of $0.10 per share on January 3, 2012.

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. Over 95 percent of the Property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The Property has a known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the Property.

Augustine has recently acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.

Contact Information